Stock markets in New York had mixed fortunes on Monday, with the Nasdaq recovering after a sharp drop of over 4% last week caused by a sell-off in the US chip sector.
The Nasdaq rebound was driven by major chip companies, including Nvidia, Broadcom, Marvell Technology, Micron Technology, and AMD, which gained up to 9.9%.
On Friday, these manufacturers collectively lost $1 trillion in market value, with individual stocks falling by as much as 17%.
By the end of trading, the Nasdaq had risen by 0.9% to 25,929.66 points. The broader S&P 500 gained 0.3% to 7,405.73 points, but the Dow Jones Industrial Average fell by 0.2% to 50,786.01 points.
Brent crude oil increased by 1.4% to $94.41 per barrel, while US crude climbed 1% to $91.45 per barrel. Earlier in the day, oil prices had surged 5% due to retaliatory strikes between Israel and Iran that began on Sunday. US President Donald Trump urged both nations to cease hostilities.
Also on Monday, Apple revealed previews of its new software at the Worldwide Developers Conference, including updates to its virtual assistant Siri. Apple claims the latest version of Siri is smarter and more capable.
The company also announced features to help parents control the content their children access, including communication restrictions and app monitoring. Apple’s shares fell 1.9%.
Alphabet, Google’s parent company, reportedly placed an order with Intel for over three million AI chips, according to an article by The Information citing anonymous sources. Intel’s stock surged by 11.2% following the news.
